Pistons rated one of least-valued NBA teams by Forbes

Detroit Pistons forward Andre Drummond (1) takes a break from the action in the second half of an NBA basketball game against the Boston Celtics, Sunday, Jan. 20, 2013, in Auburn Hills, Mich. Drummond led the Pistons with 16 points and pulled down seven rebounds in a 103-88 win. (AP Photo/Duane Burleson)

NEW YORK (AP) -- The New York Knicks have surpassed the Los Angeles Lakers as the most valuable team in the NBA, according to Forbes' annual study.

Boosted by renovations to Madison Square Garden, the Knicks' value increased 41 percent to $1.1 billion. The Lakers were second at $1 billion.

The report released Wednesday estimated the average NBA team's value at $509 million, a 30 percent increase from last year.

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The Chicago Bulls, Boston Celtics and Dallas Mavericks round out the top five.

The Pistons were valued at $400 million, No. 22 in the 30-team league after a 20-percent increase from a year ago. The Pistons are reported to have $125 million in revenues and $7.7 million in operating revenue.

The Milwaukee Bucks were the least valuable at $312 million. The Nets' value increased 48 percent to $530 million, ranking ninth, after their move from New Jersey to Brooklyn.